Levi Strauss (NYSE:LEVI) released its quarterly earnings figures late on Tuesday, amassing mixed results that included revenue that topped expectations and surged year-over-year, yet the company’s net income was down, while also missing Wall Street’s consensus guidance.
When adjusted for one-time items, Levi’s said it brought in a profit of $69 million for the three-month period, 16.9% lower than the company’s adjusted earnings of $83 million from the year-ago quarter. Wall Street was projecting the jeans manufacturer would amass earnings of 8 cents per share, according to data compiled by FactSet.
The business’ revenue for the quarter increased 5% year-over-year to $1.31 billion from the year-ago total of $1.25 billion. Analysts were calling for Levi Strauss to rake in sales of $1.29 billion, according to the FactSet outlook.
Revenue growth is now slated to be “at the high end of the mid-single digit range” with capital expenditure between $190 million and $200 million, as well as the opening of 100 new stores in fiscal 2019, per the business.
LEVI stock is sinking about 6.2% after the bell on Tuesday following the company’s quarterly earnings results, which were mixed, but the profit decline was enough to take a chunk out of its per-share price. During regular trading hours today, shares had gained 2% by the time Wall Street closed.